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As a member of the Bitcoin Foundation, CoinGaming is a trusted member of the community that has sprung up around the currency, and their gaming license in Curacao has given them legitimacy in the world of betting as well.
The company's flagship brand is Bitcasino. While those may be the most famous providers of software specifically designed to handle the currency, other companies have jumped into this realm as well.
Other brands, such as the Bulgarian company Ultraplay, have also begun to offer solutions that allow for all play to be handled in BTC or mBTC, a smaller denomination of the same currency.
Many traditional online casinos have begun to accept this as one of their many deposit and withdrawal options without actually changing the entire site over to a BTC system.
This provides players with the flexibility to use Bitcoin without forcing users to stick with it all the time.
Some sites support a number of different digital payment systems, allowing you to make transfers between the various currencies and play in any you choose.
While none of these are as popular as Bitcoin itself, you will find that some sites offer play in Litecoin, Dogecoin, Peercoin, Ethereum or other cryptocurrencies that have a fairly broad following as well.
The invention of this currency was first announced in October , and it was released into circulation in early The creator is known as Satoshi Nakamoto, though it is unclear whether this is a single person or a group of developers, or whether this is a pseudonym.
The transaction method soon picked up support among programmers and creators of previous projects that had similar aims. The system does allow for transaction fees — as they give incentive for others to process payments faster — but gaming sites rarely if ever ask you for additional funds.
In general, the processing cost of a transaction tends to be 0. Many sites do also offer cash outs using this virtual currency.
However, this is not completely universal: Yes, provided you are reasonably careful with your funds. As with cash, you will want to keep an eye on your information: That means that these keys should be treated like cash, much as you would with prepaid cards and voucher programs.
Because transactions are only connected to addresses and keys, and not to names or other identifiers, it is very difficult to connect any payment back to you or anyone else.
You will not receive any bills or statements for any transactions made in this way, either. If users desire even more privacy, they may change wallet addresses or use other services designed to further mask their activity.
The quality of software at Bitcoin casinos can vary tremendously. Some sites still use proprietary software that was hastily assembled for betting use by the operator themselves, but most new BTC gaming sites are set up with complete solutions provided by one of a number of major providers.
Some of the most notable platforms include those created by SoftSwiss and CoinGaming, though others may use games provided by a wide variety of developers.
Not necessarily, though this varies depending on exactly where you choose to play. In other cases, you may be asked to play completely in BTC, though deposits and withdrawals in fiat currencies may be offered.
Other sites may allow for a variety of digital monetary systems, but will not support fiat money. In a general sense, these sites have the same basic level of fairness as any trustworthy Internet casino.
Many of them are audited by the same testing labs that certify other operators as fair, providing players with assurance that the games they play are truly random, secure, and honest.
Bitcoins allow you to move money around the internet without revealing who you are and as such you can play casino games without revealing your true identity.
This is especially true of casinos that exclusively use Bitcoin. Bitcoin is a highly secure payment system in its own right beyond any measures taken by the casino itself.
Transaction fees are pretty much non-existent with Bitcoin, or to be more precise, they are largely voluntary. Any fees paid tend to be minimal and substantially lower than other payment systems.
This is a byproduct of how the system works and its decentralized model. Perhaps the biggest issue with using Bitcoin with your online casino payment method is simply that the number of casinos which accept Bitcoin is still relatively small.
One of the biggest issues with Bitcoin is also one of its major advantages, it is unregulated by government. This brings many positives — we mentioned the anonymity and low fees previously — but also some negatives.
If a casino shuts down and takes your Bitcoins with it, there are few avenues of redress available to you as a user.
Payments are irreversible once the transaction is completed. No matter what solution you go for, ensuring the payment and withdrawal process is transparent is vital, as is checking that the games on offer are the ones you actually wish to play.
Assessing bonuses is also important, not just the size of the bonus itself but the restrictions that come with it.
Play-through levels — the value of games you have to play before you can withdraw anything, usually a multiple of the bonus amount itself — and which games you can use bonuses on, are also important to check.
For Bitcoin in particular there are some additional considerations to bear in mind. As we mentioned before, there is the issue of Bitcoin payments being irreversible for starters.
To mitigate against this, several of the more reputable Bitcoin casinos publish their own operational guides — known as provably fair gambling — to instill trust with potential customers.
You should look out for this with Bitcoin casinos and also look for an outfit with a good track record and reputation for paying its customers.
Reviews, in this case, are even more important than with standard online casinos. Payment wallets are not new, although Bitcoin itself is a very different type of product to the majority of the established payment systems.
For casino sites in general, PayPal , Skrill and Neteller are the most commonly accepted payment systems, and using one of these will give you the widest choice of casinos.
Funds can be taken directly from a card or even bank account and transferred straight to the recipient.
Each game calculates provably fair differently, but the concept is becoming widespread across most major bitcoin casinos.
Players can verify that a game is provably fair by entering bet ID numbers and other information that varies depending on the site.
Provably fair gaming is a revolutionary way for determining fair play because it is instant and foolproof.
Gaming compliance studies and verification can take weeks or months when it comes to wagering with traditional currencies.
Tens of thousands of hands need to be analyzed from each game. With Bitcoin and provably fair, game integrity can be instantly verified.
There is no process or study that needs to be conducted on each site. Those who have bet online for years are used to seeing licensing seals on many of their favorite gambling sites.
Depending on where the site is located and the countries they operate in, licensing requirements can vary wildly. Some regulatory authorities have strict requirements while others are merely interested in collecting licensing fees and offer little oversight.
Licensing is extremely common when it comes to fiat-based casinos, but few bitcoin-based casinos are currently licensed.
This is more of a reflection of how new bitcoins to online gambling markets rather than the sites not being safe enough for regulation.
In many jurisdictions, there is little that can be done by regulatory authorities when there is a dispute between a site and a customer. In most cases, players are at the mercy of casino operators.
Even highly regulated authorities end up failing in their quest protect players. PokerStars processed the withdrawals in less than a week, but Full Tilt and Cereus had several delays before they were later found to be insolvent.
At the time, Full Tilt was the second most populous poker site in the world and was licensed by the prestigious Alderney Gambling Control Commission.
In the end, players did receive their funds from Full Tilt albeit nearly three years later , but those who had money at Cereus were out of luck.
However, this goes to show you how even some of the best gambling bodies drop the ball. There are going to be bad apples in every industry, and the same goes for bitcoin casino gambling.
Players should do their research before transferring bitcoins into a bitcoin casino. Well-known sites with a long track record are crucial.
Longevity is everything in this industry; licensing requirements mean little. To help you pick an online casino to play at that lets you deposit and play using Bitcoins we have put together our easy to follow checklist below, simply make sure the Bitcoin casino you are playing at offers you most of the following and then you can play with complete confidence at that particular site.
More and more bitcoin casinos are getting licences, but unfortunately a lot of them are still unlicensed.
Read our recommendations on this site and you should be certain that you are playing at a safe and secure casino that accepts bitcoin.
As bitcoin gambling is evolving, more and more software opportunities are arising. As a result, you can now play with coins at some of the worlds highest rated and most popular software providers, including Playtech, Aristocrat Gaming, Softswiss, Microgaming and Betsoft.
Do a Google search for that site to see if any players have been messed around with that site.
Also, check out our bitcoin casino reviews , as we research, test and write unbiased reviews of online casinos that accept bitcoin currency.
Also, be sure to visit the bitcoin gambling section over at Bitcointalk. You may need to spend some time researching it — learning how to buy and sell, using exchanges and bitcoin wallets, but when you do you will see for yourself just how reliable it is and how it is a perfect fit for online gaming.
For casino gamblers, the use of bitcoins is a game changer. Not only can they deposit and withdraw freely with near anonymity and without any government interference, but the odds available are the best on the planet.
Introduction to Bitcoin What is Bitcoin?